PART VLand Tax

44Interpretation of Part V

(1)

In this Part of this Act the following expressions have the meanings hereby respectively assigned to them, that is to say—

(a)

" Crown property" means a property the relevant interest in which belongs to His Majesty in right of the Crown or to the Duchy of Cornwall, or belongs to a Government department or is held in trust for His Majesty for the purposes of a Government department, and references to a property being occupied by a person other than the Crown, or to redemption money being payable by or on behalf of the Crown, shall be construed accordingly ;

(b)

" inspector of taxes " has the same meaning as in the Income Tax Acts;

(c)

"land tax year" means a period of twelve months ending with the twenty-fourth day of March;

(d)

" prescribed " means prescribed by regulations ;

(e)

" relevant interest " means—

(i)

in the case of a property which on the first day of April, nineteen hundred and fifty, is comprised in a lease for a term having not less than fifty years unexpired (not being a lease by way of security only), the term under that lease or, if there are more than one, that one on which the others are reversionary; and

(ii)

in any other case the legal estate in fee simple.

(2)

References in this Part of this Act to the annual charge for a property, in a case in which the charge may vary under subsection (6) of section thirty-seven of this Act, shall (except in so far as the context otherwise requires)—

(a)

in relation to the exoneration of the property under paragraph (b) of subsection (1) of section thirty-eight of this Act be taken as referring to the annual charge apart from any such variation; and

(b)

in relation to the redemption of the tax on that property be taken as referring to the charge for the land tax year in which the date for compulsory redemption falls or, in the case of a voluntary redemption, the land tax year in which the tax is redeemed.